Markets Close Lower As Bond Yields Soar

The markets sold off in late afternoon trading as yields on bonds surged to 5.15%. The Dow lost 146 points or more than 1% to finish the session at 13,489. Nasdaq fell 26 points to close just below 2600 while S&P 500 tumbled 21 points to 1513. The 30-year bond eased as the yield rose to 5.235%.